If China's oil consumption continues to grow at 8% annually, how much oil will they consume per day by 2040?

To determine the daily oil consumption of China by 2040 based on an 8% annual growth rate, it’s vital to understand how exponential growth works. Starting with the current consumption figure, you can apply the formula for exponential growth:

Future Value = Present Value × (1 + growth rate)^(number of years).

Assuming, for example, that China's current oil consumption is approximately 15 million barrels per day, if this consumption grows at a rate of 8% per year for 17 years (from 2023 to 2040), the calculation would be as follows:

Future Value = 15 million × (1 + 0.08)^(17).

Calculating this gives a future oil consumption that aligns with the higher end of the spectrum, resulting in a figure that can approach or exceed 80 million barrels per day, thereby supporting the notion that by 2040, China could significantly increase its oil consumption due to its growing economy and population.

Given this context, the answer indicating a consumption of 80-100 million barrels per day reflects a realistic projection based on continued growth patterns and economic factors driving increased energy needs in China. The other ranges suggested would be considerably lower than what such a growth rate would typically